After the cut petroleum falls to 37 dollars
January 26th, 2010
Although all thought that with the recent cut in the daily production of OPEC we would see an increase in the price of petroleum, the reality is that the barrel of crude lowered until the 37 dollars, reaching a level nonseen from June of the 2004.
This fall means that the investors continue distrusting of the cuts of the Organization of Petroleum-producing countries, that were announced Wednesday, since the barrel has fallen to its lower point in more than four years.
The crude one with delivery in January, that finishes dealing itself behind schedule this, fell 3,84 dollars until the 36,22 dollars by barrel. This it is the price more under the barrel from the 29 of
June of the 2004 when the day in 35.66 dollars was closed.
Watching a little more to future, the crude one with delivery in February, that begins its month the next week, also fell 2,94 dollars until the 41,67 dollars by barrel, and now the question is what is the floor of the barrel if the continuous world in crisis.
Bond to remember that Wednesday OPEC, the more important oil organization of the world that it controls near 40% of the crude one of the world, announcement that would cut its production in 2.2 million daily barrels from January.
Speaking after this announcement several analysts they were wondered if OPEC will be able to make fulfill this cut, since the budgets of several members of the organization have been seen considerably reduced in the last months.
This disinterestedness by the recent cut in the production of OPEC cannot fall like a surprise considering that the cuts realised in September of 2 million daily barrels had the awaited effects.
At this moment it seems incredible to think that six months ago the world only discussed the form to make to go down the price of the barrel, when it reached the 147,27 dollars in July, losing more than 100 dollars from that moment.
In order to finish we must say that a recovery seems very difficult the future in surrounding, since the crisis begins to hold fast anywhere in the world and the demand by petroleum continues falling, including in countries like China and India.
Tags: Market of Oil, OPEC, Price of Oil, Production of Oil